~is 500,00 in debt worth it? ~

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
i don't understand how your boyfriend thinks you are being selfish? shouldn't he be ecstatic at the fact HIS girlfriend was chosen to attend dental school? It's your life either way and you have the right to be a little selfish when it comes to making yourself happy first. If its always been your dream, then there's no question here. Go to dental school and be happy :D
Members don't see this ad.
 
predent12 said:
Ummmm try again. $500,000 over 15 years is $33,333.33 a year, or $2777.78 a month.
Click to expand...

https://www.wellsfargo.com/pi_action/studentAlternativeCalculator

You are forgetting interest. According to this student loan repayment calculator the total monthly payment would be $ 4,494.14 if $500,000 were to be repaid in 15 years assuming 7% fixed interest.

OP: Which job do you want? Dentist, or hygienist? As long as you don't want to be a dentist because it'll land you a nice house, a luxury car, or cool vacations, you could still be perfectly happy. Do make sure you like the job though, you will probably not have the choice of quitting once you have it.

Your boyfriend will just have to accept whatever you decide.

Edit: Dang. I was sitting here gabbing with someone and half the forum beat me to this point lol. Never mind.
 
Last edited:
predent12 said:
No school actually costs $500,000 alone. The most expensive end up a little over $100,000 a year. So there's already room for the accumulation of interest. Depending on how fast you pay it off, it can be less or more. Even if the total cost ends up being closer to $600,000 (which would be a ridiculously high interest rate,) you are still looking at a max $3,000 a month. Which is a lot, don't get me wrong, but it sure isn't $5,000.
Click to expand...

Can you do an old monkey like me a favor and show me your maths?
 
Last edited:
Members don't see this ad :)
It all comes down to your individual circumstance.

Single with no plans for family in the future. Sure.
Married with kids (single income). I wouldn't.
Married with kids (two income household with spouse bringing in $100K+ before taxes). Sure.
Parents are paying your whole way while you skip down the street, eating a giant lollipop. Don't tell your classmates or risk being beaten with soap in socks.
 
Total Loan Amount $ 400,000.00
Average Monthly Interest Rate 0.0058
Total Number of Payments 180
Monthly Payment $ 3,595.31
Total Amount of Interest and Principal to be Repaid $ 647,156.36
Total Interest Payment $ 247,156.36


That is assuming, of course, everything at a 7% interest rate. That's a high interest rate. Most schools attempt to fulfill loans by using federal loans first, which tend to have a lower rate and don't accrue interest immediately.
 
HopefulDMD88 said:
It all comes down to your individual circumstance.

Single with no plans for family in the future. Sure.
Married with kids (single income). I wouldn't.
Married with kids (two income household with spouse bringing in $100K+ before taxes). Sure.
Parents are paying your whole way while you skip down the street, eating a giant lollipop. Don't tell your classmates or risk being beaten with soap in socks.
Click to expand...

Our class favors the rubber hose. Some still like the soap in socks though :laugh:
 
predent12 said:
Total Loan Amount $ 400,000.00
Average Monthly Interest Rate 0.0058
Total Number of Payments 180
Monthly Payment $ 3,595.31
Total Amount of Interest and Principal to be Repaid $ 647,156.36
Total Interest Payment $ 247,156.36


That is assuming, of course, everything at a 7% interest rate. That's a high interest rate. Most schools attempt to fulfill loans by using federal loans first, which tend to have a lower rate and don't accrue interest immediately.
Click to expand...

Well, with my logic, 105k year at 7.5% (a weighted average of 6.8% and 7.9% for the stafford and grad plus loans respectively) makes the student owe $504,881.06 on the day of graduation. Up to this point, the interest accrued has been capitalized (from what I understand). From this point on, the interest is expensed and is included in each pmt. Assuming the same 7.5% weighted interest rate, and a 15 year pmt plan, I get around $4680 a month.
 
I used the GI bill to pay for college and now that i've been accepted, I might rejoin the military to pay for dental school. It can be a good opportunity. However, I am also aware that it isn't some magic way to bootstrap yourself to success. There are all sorts of reasons you can be disqualified from the military and yet make a perfectly good dentist.

In retrospect, I almost wish I had gone to college straight out of high school. I don't think I saved much money with tuition rising twice to three times the rate of inflation. I wonder if and when the education "bubble" will pop and what the consequences will be.
 
Yup. Interest capitalizes after graduation and then interest is calculated on top of your new principe balance. Sucks. But it makes an expensive school hurt even more.
 
Bereno said:
Well, with my logic, 105k year at 7.5% (a weighted average of 6.8% and 7.9% for the stafford and grad plus loans respectively) makes the student owe $504,881.06 on the day of graduation. Up to this point, the interest accrued has been capitalized (from what I understand). From this point on, the interest is expensed and is included in each pmt. Assuming the same 7.5% weighted interest rate, and a 15 year pmt plan, I get around $4680 a month.
Click to expand...

Ah, I see.

Glad I'm going to a state school, lol!
 
Obey said:
In my honest opinion, it is NOT worth it. I am saying this because money is an important aspect to me.
Click to expand...

Yet, you create 5 different usernames and post 10 redundant threads with each, until you get banned, on whether or not you have a chance to get into DS? :shrug:
 
Lets just be honest, no career at this point in the United States is going to be safe. Most businesses could care less about helping the economy or making sure good jobs are here since they only care about lining their own pocket, which in turns affects other industries. Until the government, which it will probably never do, stops these business practices this issue will always be around.

Engineering is having trouble, all business majors are having trouble, who knows how medical with all the reform is going to end up, nurses aren't being hired, pharmacist saturation, and so on so forth. Everything these days come with a risk these days, it just depends if the risk will pay off or not and you have no way to really find out unless you take the risk.
 
Members don't see this ad :)
CedarZ4 said:
Yet, you create 5 different usernames and post 10 redundant threads with each, until you get banned, on whether or not you have a chance to get into DS? :shrug:
Click to expand...

I am not sure how that is relevant to this issue.
 
For people who have to take out $300-400k loan. You guys might want to rethink about doing dentistry. As for me, i won't be needing to take out any loans since i have a rich family.

Good luck guys
 
howaminow said:
Lets just be honest, no career at this point in the United States is going to be safe. Most businesses could care less about helping the economy or making sure good jobs are here since they only care about lining their own pocket, which in turns affects other industries. Until the government, which it will probably never do, stops these business practices this issue will always be around.

Engineering is having trouble, all business majors are having trouble, who knows how medical with all the reform is going to end up, nurses aren't being hired, pharmacist saturation, and so on so forth. Everything these days come with a risk these days, it just depends if the risk will pay off or not and you have no way to really find out unless you take the risk.
Click to expand...

You should read some Adam Smith, my friend.
 
I don't think Adam Smith could have foreseen the economic impact because I doubt he saw how much other countries and outsourcing would impact a country.

The selfish interests is driving out work in the United States, which is causing more outsourcing and lost wages in the united states. The middle class isn't vanishing for no reason.
 
Obey said:
For people who have to take out $300-400k loan. You guys might want to rethink about doing dentistry. As for me, i won't be needing to take out any loans since i have a rich family.

Good luck guys
Click to expand...

how'd your family feel about your attendance at a CC?
 
Ferneezy said:
how'd your family feel about your attendance at a CC?
Click to expand...

I did NOT go to a university because I f**** around in high school too much(1.5GPA) NOT because my parents couldn't afford one


STAY THIRSTY MY FRIEND.
 
howaminow said:
I don't think Adam Smith could have foreseen the economic impact because I doubt he saw how much other countries and outsourcing would impact a country.

The selfish interests is driving out work in the United States, which is causing more outsourcing and lost wages in the united states. The middle class isn't vanishing for no reason.
Click to expand...

If by selfish interests you mean taxes then your'e right. Businesses are going to look out for themselves and by doing so expand and create jobs and hire more people which causes the business to pay more taxes on those employees as well as the taxes paid by the employees. Taxing outright at the level we do is stopping that cycle and losing money as well as employment. Read Thomas Sowell's Economics 101. It's all pretty basic.
 
aw, cool story br(O)bey almost made it to one hundred posts. was actually going to give him props on his ninja stay thirsty edit, too.
 
I get messing around in high school, but most teachers will give you C's if you just show up which should give you at least a 2.0, I thought you needed a 2.0 to graduate? I think my school had that requirement
 
Yea but this issue waz on fire today
 
Ferneezy said:
aw, cool story br(O)bey almost made it to one hundred posts. was actually going to give him props on his ninja stay thirsty edit, too.
Click to expand...

Was thinking the same thing. Banned already? :laugh:

Guess his family wasn't rich enough to buy him out of CC and into UMDNJ... or a permanent SDN account.
 
I am the person who went to the $400,000 school that would be $500,000 by the time I graduated. I was the one who freaked out 3 and a half years ago about the price and considered giving up my acceptance. I am also the person who is extremely happy that I didn't make the biggest mistake of my life by turning down my chance to go to dental school. Don't be the person that regrets turning it down.

Some of the things that helped me decide to go were the discoveries of Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), the armed forces scholarship, the national health service scholarship, and the national health service loan repayment. You should look into all of these options and see if any of them help you achieve your dream.

What eased my mind even more while I was here was watching the classes above me graduate for the last two years without seeing my friends drown in debt. My friends are now employed, and living comfortable life styles. The loans do hit them hard in the wallet for sure but they are surviving comfortably. Many of my friends moved to good dental markets, while others stayed in southern California which is one of the worst market in the country and are still employed and happy. None of them regret the path that they took.

This is a big decision and understanding and approaching your debt in a calculated and informed manner is going to be very important to your future, but I just wanted to let you know that there are options and that it's not that black hole people on SDN make it out to be. If you have any questions feel free to message me.
 
cmcner said:
I am the person who went to the $400,000 school that would be $500,000 by the time I graduated. I was the one who freaked out 3 and a half years ago about the price and considered giving up my acceptance. I am also the person who is extremely happy that I didn't make the biggest mistake of my life by turning down my chance to go to dental school. Don't be the person that regrets turning it down.

Some of the things that helped me decide to go were the discoveries of Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), the armed forces scholarship, the national health service scholarship, and the national health service loan repayment. You should look into all of these options and see if any of them help you achieve your dream.

What eased my mind even more while I was here was watching the classes above me graduate for the last two years without seeing my friends drown in debt. My friends are now employed, and living comfortable life styles. The loans do hit them hard in the wallet for sure but they are surviving comfortably. Many of my friends moved to good dental markets, while others stayed in southern California which is one of the worst market in the country and are still employed and happy. None of them regret the path that they took.

This is a big decision and understanding and approaching your debt in a calculated and informed manner is going to be very important to your future, but I just wanted to let you know that there are options and that it's not that black hole people on SDN make it out to be. If you have any questions feel free to message me.
Click to expand...



I think you hit the nail in the head and closed this thread by answering the question !

Lol
 
cmcner said:
I am the person who went to the $400,000 school that would be $500,000 by the time I graduated. I was the one who freaked out 3 and a half years ago about the price and considered giving up my acceptance. I am also the person who is extremely happy that I didn't make the biggest mistake of my life by turning down my chance to go to dental school. Don't be the person that regrets turning it down.

Some of the things that helped me decide to go were the discoveries of Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), the armed forces scholarship, the national health service scholarship, and the national health service loan repayment. You should look into all of these options and see if any of them help you achieve your dream.

What eased my mind even more while I was here was watching the classes above me graduate for the last two years without seeing my friends drown in debt. My friends are now employed, and living comfortable life styles. The loans do hit them hard in the wallet for sure but they are surviving comfortably. Many of my friends moved to good dental markets, while others stayed in southern California which is one of the worst market in the country and are still employed and happy. None of them regret the path that they took.

This is a big decision and understanding and approaching your debt in a calculated and informed manner is going to be very important to your future, but I just wanted to let you know that there are options and that it's not that black hole people on SDN make it out to be. If you have any questions feel free to message me.
Click to expand...

This was really good to hear because USC is one of the most expensive schools on my list of schools.
 
Ok. Here is the deal. Although everyone that is advising against going to dental schools are attending dental schools themselves....called SDNitis.. Otherwise they wouldn't be up here. Make your choice.
 
NDPitch said:
Yup. Interest capitalizes after graduation and then interest is calculated on top of your new principe balance. Sucks. But it makes an expensive school hurt even more.
Click to expand...
Are you allowed to repay during the deferment period to knock down the eventual amount when the interest capitalizes? Say, for example, if you play living expenses conservatively and end up with more than you need...
 
multiades said:
Are you allowed to repay during the deferment period to knock down the eventual amount when the interest capitalizes? Say, for example, if you play living expenses conservatively and end up with more than you need...
Click to expand...

I think you can make interest payments while in school, but not principle payments. It works to your benefit if you have a means of making some interest payments while in school.
 
multiades said:
Are you allowed to repay during the deferment period to knock down the eventual amount when the interest capitalizes? Say, for example, if you play living expenses conservatively and end up with more than you need...
Click to expand...

I'm not too sure to be honest. I am under the impression that once you have started your pmt plan you are expected to stick to it, which might be tricky to do while in school. Instead of repaying while in school, I would just take out less. That would be the far easier option IMO haha :)
 
Last edited:
predent12 said:
No school actually costs $500,000 alone. The most expensive end up a little over $100,000 a year. So there's already room for the accumulation of interest. Depending on how fast you pay it off, it can be less or more. Even if the total cost ends up being closer to $600,000 (which would be a ridiculously high interest rate,) you are still looking at a max $3,000 a month. Which is a lot, don't get me wrong, but it sure isn't $5,000.
Click to expand...

C'mon, you have to realize how interest works...right?
 
Either attend this cycle or reapply (you are NOT too old). Don't settle for a lifetime career you won't be happy with. As a hygienist you're going to work with a dentist every day, and you'll constantly tear yourself down for giving up the opportunity to be in his/her shoes. Your boyfriend is the selfish one here and you need to have a talk with him about how important your career is to you.
 
go to dental school..or else you will be one of our assistants for the rest of your life

and what does your bf mean you are being selfish? sounds like he is trying to keep you from achieving higher goals bc of his interests.
 
Hopefully you will find a new boyfriend in dental school. Add both yall's income up and you're rich!!!
 
toothangel747 said:
Hi Everyone,:love:

This is my second time applying to dental schools. I have applied to 10 schools and I am only accepted to one OOS dental school this cycle. Mainly because my DAT score wasn't very high. :scared:

However, I found out that the tuition + living expense + room and board. I am looking at 420,000 for the four years. Plus, I have to get 100% on student loan. With interest rate of 7% By the time i graduated, I am looking at near 500,000 in debt.

Education for dental school is really getting ridiculous. :mad::confused:

At the meantime. I have just applied for dental hygiene program. I am confident that I'd have a high chance of getting in there.

Here is my dilemma::eek: (keep in mind I am turning 27 this year)

Dental school OOS with 500,000 and looking at 20 years working to pay back Is it really worth the time, energy, and money?


dental hygiene which is only two years. For instate residency, I am looking at 60,000 for the total. My boyfriend and my parents are more supportive of me going into hygiene. They think it is less stressful for a female and I am getting too old to still be in school. They told me that I can enter the workforce as a hygienist and later on retake DAT and reapply for the third time, but only instate school.. My boyfriend say i am being selfish to consider dental school....

I am sooo torn and don't know what to do. !! I couldnt sleep last night. I know that becoming a hygienist is more practical. But I know in my heart. I wouldn't want to settle for hygienist. Applying the third time still wouldn't guarantee me getting into my instate school....

If you were to put a price on your dream. how much will it be? For me, I just think 500,000 is too much. 300,000 I could take it.. What would you do if you were me? Hygiene vs. Dental school> ?
Click to expand...
I say go for Dental School! I can speak from personal experience, I am a Hygienist now and if I could do it all over again I would have kept going. Becoming a Dentist is my dream and as others have stated its hard enough to get accepted into dental school. Don't do what your "boyfriend" wants you to do because...1) he may no longer be your bf or husband down the road and 2)if he is I'm sure he wont have any trouble helping spend what you make for a living!!!! I believe the career outweighs the cost. You have to do whats best for YOU ! I am 29 yrs old with a 3 yr old daughter and an x-husband who tried to hinder and not help. Now I'm on my way and onto a better life that I knew was for me all along....ooh and PS who knows what can happen..you may marry a classmate one day (hint hint) ;) So, as a RDH you are restricted in the treatment(s) you can render, Dentist tend to put you down and its very repetitive. If you want to be a leader do dental school, if you want to be bossed around for the rest of your life and only maintain patients oral care become a hygienist..but trust me you'll regret it. That's my opinion as one of the highest paid hygienist in my company....and still not satisfied. Good Luck to you! God Bless, follow your heart*
 
You must log in or register to reply here.
Next unread thread

Similar threads

augustacrimsontide
HPSP/NHSC--is it worth it for me?
Replies
18
Views
1K
macsak
M
V
Is Dentistry worth it anymore? CRNA vs Dentistry
Replies
7
Views
2K
Spahrtan
Spahrtan
dentalapp27
Predental Advisory Programs - Are They Worth It?
Replies
3
Views
282
macsak
M
S
I'm 35 With $130K Debt. Is Dental School Even An Option?
Replies
13
Views
1K
macsak
M
L
Are Letters of intent worth it? Dental School
Replies
2
Views
779
lilfoonka
L
Top